NRI Account Minimum Balance is an aspect that has made many Non Resident Indians (NRIs) search the internet very often. It can be a struggle to individually visit every bank website and dig in for that one answer you are looking for. Top Banks in India such as ICICI, SBI, HDFC etc have different minimum balance requirements. In this article we will provide you with the answers you have been looking for all at one place.
NRI Account Minimum Balance 2022
SBNRI has assorted the NRI Account Minimum Balance for every top bank in India for our NRI friends to make their research segment easier and far more convenient. You can check out the Minimum Balance Requirement for NRE/NRO Account for top banks in India below.
Most of the Top Banks opt for an Average Quarterly Balance (AQB) or Average Monthly Balance (AMB) to open an NRE/NRO Account. The average AQB/AMB of most of the top banks for opening a NRE/NRO Account is Rs.10,000/-. Follow the grid for bank wise specification:
|Bank||NRE/NRO Minimum Balance|
|HDFC (AMB)||Rs.10,000/- (Metro/ Urban branches)Rs.5,000/-(Semi-Urban/Rural Branches)|
|SBI (AMB)||Rs.3,000/- (Metro/ Urban branches)Rs.2,000/-(Semi-Urban)Rs.1,000/- (Rural Branches)|
NRI Account Minimum Balance Requirement: FCNR Account
A Foreign Currency (Non-Resident) Account which is a term deposit account in USD, GBP, EUR, JPY, AUD, CAD, SGD, HKD, and others. The ‘term’ in a term deposit account is a fixed tenure of up to 12 months, 24 months, 36 months, 48 months or 60 months that can be opted by the NRIs at the time of account opening. The interest income is not taxable in India and both the principal amount as well as the interest are completely repatriable.
The minimum balance to open an FCNR Account in India is USD 1000.
Top 5 Banks of India: An Overview
1. SBI Bank
SBI Minimum Balance
The NRI Account Minimum Balance in SBI is Rs.3,000/- for metro/urban branches, Rs. 2,000/- for semi urban areas and Rs.1,000/- for rural branches. SBI NRE Account interest rate is 5.40%*. SBI minimum Balance is categorized as per the geographical area their branch is situated at. SBI NRI Account Minimum Balance works on the same logic.
SBI NRI Account Application with SBNRI
If you want to apply for SBI NRI Account with SBNRI, then you can WhatsApp us on +91 9873363363 and we will guide you throughout the execution of the entire process.
Also Read: SBI NRE Savings Account: Online Application
2. HDFC Bank
The NRI Account Minimum Balance in HDFC is Rs.10,000/- for urban areas and Rs.5,000/- for semi urban/rural areas. HDFC NRE Account interest rate is 5.50%*.
3. Axis Bank
The NRI Account Minimum Balance in Axis Bank is Rs.10,000/- for all branches. Axis Bank NRE Account interest rate is 5.50%*. To know about Axis Bank NRI Account Review, Axis Bank NRI Account Documents Required, and Axis Bank NRI Account Opening Form and Process;
4. ICICI Bank
The NRI Account Minimum Balance in ICICI Bank is Rs.10,000/- for all branches. ICICI NRE Account interest rate is 5.50%*.
5. Bank of Baroda
The NRI Account Minimum Balance in Bank of Baroda is Rs.1,000/- for all branches. Bank of Baroda NRE Account interest rate is 5.25%*.
Best Bank for NRI Bank Account at SBNRI: State Bank of Mauritius (SBM)
With the SBNRI App, you can apply for your NRI Bank Account (powered by SBM) in under 5 minutes. You will get these benefits:
- Apply for NRI Account at the comfort of your home
- No need to visit Indian Embassy/Notary for Attestation
- Scan and Upload documents and apply in 5 minutes
- Forms fill automatically
- Welcome Kit delivered to your overseas address and much more
Here are some highlights of the SBM NRI Account:
- NRI Savings Bank Account Interest Rate: up to 5%*
- NRE Tax-Free FD Interest Rate: up to 6.50%*
- Visa (Latest and Valid)
- Overseas Bank Statement
- PAN Card (Form 60 if you don’t have PAN Card)
SBM NRI Account Minimum Balance: Rs. 10,000/-
Download the SBNRI App or click on the button below to open your NRI Bank Account in the top banks of India effortlessly at the comfort of your home.
NRI Account Minimum Balance: FAQs
In this segment we will answer some of the top questions we received from NRIs revolving around the NRI Account Minimum Balance and other related topics.
You can not deposit INR cash in an NRE Account. The NRE Account is used to maintain the income earned outside India. However, you can deposit foreign currency cash in your NRE Account. For deposits up to $5000, no additional papers are required, however if the amount of deposit is greater than $5000, you need to provide the Custom Declaration Form (CDF). With the form, there is no limit for cash deposits in an NRE Account.
Every major bank in India provides multiple benefits such as interest rates on deposits, variable minimum balance requirements, remittance options etc on their NRE Accounts. Also, the account opening processes offered by the top banks in India creates a major difference when considering ease and convenience. You can choose the best bank to open your NRE Account according to your needs. Browse through the account opening process for the top banks in India to choose the best bank and NRE Account.
SBM offers a zero balance NRI Account. To know about the account opening process at State Bank of Mauritius, click here.
There are various credits that are allowed in the NRE Account known as Permissible Credits. Credits refer to the money that can be deposited in a bank account. The permissible credits in an NRE account are:
1. Inward remittance from outside India
2. Interest earned on the money deposited in the NRE account
3. Interest on investments made through the NRE Account
Transfer from other NRE/ FCNR(B) accounts
4. Maturity gains from investments (if such investments were made from this account or through inward remittance)
There are certain restrictions on NRE Accounts as well. NRIs cannot deposit the following funds in the NRE account because NRE accounts are used to maintain the income earned outside India:
1. Cash in Indian Rupees
2. Gifts received in India
3. Any form of income generated in India (such as rent from property, pension etc.)
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